Dana Gas Q4 profit jumps, no details on sukuk


Dana Gas Co. - DANA
0.61 0.02 3.38%
30/01/2012 17:43 AST  Reuters

Dana Gas, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.

Abu Dhabi-listed Dana, which has operations in the UAE, Egypt and Kurdistan, made quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period.

A Global Investment House analyst had forecast quarterly profit of 151 million dirhams, in a Reuters poll. HSBC estimated quarterly profit at 146.9 million dirhams in an analyst note dated January 30.

Dana reported full-year net profit of 506 million dirhams, up from 158 million dirhams in 2010. Reuters calculated quarterly profit from previous financial statements. Nine-month profit to Sept. 30 was 359 million dirhams.

Dana, which hired Deutsche Bank to advise it on the October Islamic bond, made no reference to how it will repay the outstanding $920 million on the sukuk in the statement.

Dana's share have been battered by fears it might struggle to honour the debt. Earlier this month, it said it would meet its debt obligations.

'Dana's share price has been under pressure as management has yet to announce a strategy to address a challenging liquidity position ahead of the October 2012 sukuk maturity,' the HSBC note said.

'We believe a default is unlikely, as sukuk holders are more likely to agree to a restructuring that can enable Dana to monetise its assets rather than see a complex liquidation with recovery potentially below 40 cents on the dollar.'

The Gulf's only listed natural gas firm has faced payment delays for gas delivered to Egypt, due to political unrest. 'The consequences of the so-called 'Arab Spring' are presenting the oil and gas industry with considerable challenges in the short term, and Dana Gas is not immune to these,' Dana Gas Chairman Hamid Jafar said in a statement.

Gross revenues for the year jumped to 2.53 billion from 1.78 billion in the previous year, according to Dana's statement.

Dana Gas Co. - DANA
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT
Most Viewed Companies
Ticker Price Volume
SPIMACO 44.62 751,409
EMAAR 10.15 23,471,679
SABIC 108.7 12,969,123
BURUJ 48.35 185,841
ALKHODARI 62.61 2,652,930
SECO 16.88 2,908,128
RIBL 18.87 2,404,330
Recent News

Kingdom accounts for 39% of GCC total construction sector
Saudi Arabia is one of the most lucrative construction markets in the Middle East, accounting for almost 39 percent of GCC projects. The Kingdom’s construction sector is expected to grow by almost 7.

DAMAC expands deal with Paramount Hotels & Resorts
Luxury real estate developer, DAMAC Properties has signed an exclusive deal with Paramount Hotels & Resorts (PHR FZ-LLC) to expand its branded hotels and serviced living concepts to new cities around

Omantel Ozone winner
Omantel, the leading provider of integrated telecommunication service in the Sultanate, announced that Ahmed bin Abdullah al Saqqaf, Ozone customer, was the winner of the paid trip for two to attend

Oman Energy Markets Forum to address local challenges
Oman’s oil and gas sector will have to play an increasingly prominent role in addressing some of the Sultanate’s most pressing challenges including creating greater in-country value (ICV), supportin

MMG board OK’s recovery scheme
Saudi contractor Mohammad Al-Mojil Group's (MMG) board had approved a recovery plan that use most of its existing capital base to pay off debts and new cash raised through a share issue, it said on S

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?